The Importance Of Customer Satisfaction In The Retail Industry

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Customer is a King, it is true in real sense for the Business success in today’s competitive markets as it requires a high understanding and respect of the customer. Customers are demanding, have more money to spend and have a wide collection of goods and services to choose from. To satisfy the customers, retailers must be able to listen to their feedback and improve services and goods to keep of clients. Customer satisfaction gives an indication of how much successfully the organization is meeting the demands of customers. All activities of the retail chain stores are directed towards customer satisfaction which leads to customer retention--a pivotal factor for business growth. The principle agenda of this research paper is to illustrate the importance of customer satisfaction in the retail industry. The retail industry being the highly competitive field, being able…show more content…
Retailers around the globe have incorporated the concept of customer experience management, with many incorporating the notion into their mission statements. For example, Valero Energy Corporation is committed to ensuring a positive retail experience for customers by focusing on convenience, value and quality. Dell computers focuses on delivering the best customer experience in the markets the firm serves, while Toyota’s mission statement is to sustain profitable growth by providing the best customer experience and dealer support. Similarly, the success of Starbucks is based on creating a distinctive customer experience for their customers. Additionally, a recent IBM report identifies customer experience as a key factor for companies to use in building loyalty to brands, channels and
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